Interesting article.

I note you took my advice re the disclaimer about small cap stocks ... Thanks. :)

There are some major private equity firms like Harbourvest Global Private equity and Pantheon International on big discounts that you don't seem to have considered in the above article. Is there any reason why you excluded them? Cheers

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Hi Teamwork, the only reason they aren't included was just the amount of extra time to understand them and to provide an accurate comparison. But you're right to point out they should be included. I'll look to write a future article where I bring them in to the consideration set.


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There's also a consideration imo which needs to be had with POW as to whether the model they are trying to implement could work in AIM. This could be a trap, or an opportunity, and could also be considered more broadly within the univeres of UK PE investment trusts.

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Yes ecora would be an excellent comparison oak plus any others you would deem worthy.

The reason I think there would be a benefit comparing trr and ecora with say, fnv is that the royalty model in the US is more maure - hence there might be a higher value vector in the UK when considered across markets. That said, I appreciate your focus is on UK equities, though there seems to me to be a significant disconnect across the pond- which might lead to longer term value accretion

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Oak. This is an excellent integrative analysis. It would also be interesting if you were to do similar within the royalties space, specifically comparing TRR with FNV and maybe metalla royalties and. In non-mining (eg DUKE) which I know you have previously claimed is a steady Eddie but looks cheap. Plenty to cover on TRR IMHO including its latest results as well as the B2Gold issues in Mali. If you have the time...

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Hi Nick,

You're right I do need to catch up on TRR.

I have a draft article on it but have got side tracked on some other thoughts.

I used to hold DUKE and a negative article from Investors Champion prompted me to exit.

I see it's back at 32p and a tasty dividend so yes it would be worth another look.

I'd probably compare Ecora. Plus perhaps Strata (what was Metal Tiger). And maybe BRWM (Black Rock World Mining).

These articles are worth a read if you haven't already and compare various gold miners:



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